The clock is ticking: the gap to the all-time high is getting narrower. Under the Bitcoin surge, the overall market has already reached a new record. The market update.
Not much is missing anymore. Just under 1.6 percent and thus around 1,000 US dollars are only missing from the Bitcoin rate until it has set its previous record high. It is unlikely that the bulls will run out of breath in the last few meters. In the past three weeks alone, Bitcoin has gained $ 20,000. Compared to the previous month, the largest cryptocurrency is 35 percent up. The last few hundred dollars should therefore only be a matter of form. At the time of going to press, the BTC price was trading at USD 63,806, a 24-hour plus of 2.5 percent.
99 percent lucky
So close to the all-time high, all investors are rewarded for their stamina. Around 99.7 percent of all investors have made profits with their Bitcoin investments thanks to the recent price jumps. Although it is supposed to bring bad luck, the on-chain data institution Glassnode is already congratulating all Hodlers for the highest daily closing price in BTC history.
The sale goes on cheerfully
The Bitcoin stocks on crypto exchanges continue to crumble. The exchanges currently hold 2.45 million BTC, which corresponds to around 13 percent of the amount in circulation and represents the lowest value since August 2018. Since the peak in May, the reserves have already fallen by 21 percent – the Bitcoin shortage is in full swing.
Hashrate is catching up
In contrast, the hash rate increases constantly. Miners are currently lifting loudly Blockchain.com 144 EH / s (exahashes per second) and thus 71 percent more than three months ago. The dent left by the mining ban in China has almost been ironed out. In view of the upcoming autumn rally and growing profit margin, the interest in mining in the new mining hotspots is likely to continue to grow. Especially in the USA, and especially in states like New York and Texas, a lot of computing power has accumulated in the past few weeks. Data of the Bitcoin Electricity Consumption Index from the Cambridge Center for Alternative Finance show that the US share of the global hashrate has risen to currently 35 percent. China’s contribution has meanwhile slipped to zero.
Bitcoin is regaining its dominance
Bitcoin market capitalization’s share of the overall market, also known as Bitcoin dominance, has also made up ground. As recently as September, the BTC dominance was a meager 40 percent. Bitcoin is currently again contributing 47 percent to total market capitalization.
Speaking of which: the total market capitalization is already ahead of Bitcoin and hit a new record high of $ 2.645 trillion on the night. This makes the crypto market $ 100 million heavier than it was in May.